Source Code Capital seals another $1bn across successful double fundraise

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Chinese venture capital firm Source Code Capital has reportedly picked up $1bn across a pair of new fund closes.

The firm had been eyeing that total through the raise of Source Code Venture Fund V and Source Code Growth Fund II, according to SEC filings lodged earlier this year.

Source Code has now hit that target according to Chinese news outlet Pandaily, which said the new funding brought the firm’s capital under management to $2.5bn and CNY8.8bn.

The double raise comes just a few months after the firm collected CNY3.8bn of capital from LPs for RMB Fund IV.

Source Code was founded in 2014 by Sequoia Capital China partner Yi Cao. The firm has gone on to back a number of Chinese start-ups including, ByteDance, Meituan Dianping, Baibu and NIU Technologies.

The firm follows investment themes including the internet, artificial intelligence and China-centric companies operating globally, and typically invests in the finance, enterprise, media & entertainment, consumer services, retail, transportation, housing, education and healthcare sectors.

Source Code raised $570m for Source Code Growth Fund I and Source Code Venture Fund IV two years ago.

The firm hit a $260m hard cap final close for its third US dollar fund in 2017, alongside the first close of its third renminbi-denominated fund at RMB1.5bn ($225m).

Its second US dollar fund closed on $150m, while it also raised RMB200m ($29m) for its second RMB vehicle.

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